Lodging your business asset transfer documents
You need to lodge the following with Queensland Revenue Office (or with your solicitor) within 30 days of signing the agreement to transfer business assets:
- original agreement or business contract. If there is no agreement, complete a transfer duty statement (Form D2.3) instead
- any related transfer of lease
- document lodgement form (Form TR1)
- dutiable transaction statement (Form D.2.2), ensuring that any stock-in-trade and work-in-progress is included in the purchase price
- an identity details annexure for each non-Australian transferor and transferee, when transferring real property (e.g. houses, apartments, business premises and vacant land)
- a covering letter outlining the documents you have lodged, your name and return address.
If the business operates outside Queensland, your covering letter needs to include a list of the business assets (including goodwill) and how they are apportioned between Queensland and other jurisdictions.
If the purchaser is assuming a debt of the business, include evidence of the liability assumed (e.g. a letter from the bank detailing the balance owing on the mortgage).
If the business is being transferred between associated or related parties, include:
- evidence of value of all business assets of the business by an independent person capable of valuing the assets, including accountants and registered valuers
- for a limousine licence, try the Limousine Association Qld (email president@laq.com.au)
- for a taxi licence, try the Taxi Council Queensland (email info@tcq.org.au)
- a detailed valuation of goodwill by a practising accountant, supported by financial statements for the previous 3 years (only if the business is being transferred between associated or related parties).
After we receive your documents and forms, we will issue an assessment. Your assessment will explain how and when to pay the duty. Alternatively, your solicitor should tell you how much duty you will pay.
Find out more about how to lodge documents for transfer duty assessment.
Unpaid tax interest may also apply if you don’t lodge your documents or pay on time.
Businesses that include vehicles
If you are buying a business that includes a vehicle, you need to also give us the:
- transfer of vehicle registration form(s) stating the number of cylinders or rotors
- value of the vehicle (if not stated in the agreement).
You may be eligible for a credit if you have already paid vehicle registration duty on the transfer of vehicle registration. To request a credit, include a copy of the receipt issued by the Department of Transport and Main Roads when you lodge your documents.